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Thread: ATTN: Student Loan-drones

  1. #11
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by bae View Post
    Why did the students take out those loans in the first place?
    There are lots of reasons, bae. You are aware of this.

    You are an incredibly smart guy -- super-high IQ, math skills, etc.

    Not everyone is as smart as you. I admire you for coming from a hillbilly culture and making amazing strides in life. But remember than your life and what you have done is not the rubric for judging others.

    For instance, a person of average intelligence may come from a family who is financially literate. So this person may bumble their way through university and take out very few loans (by living at home, starting out at community college, putting away some savings from summer jobs, etc.) and walk away with no crushing debt. They did not have to be a genius to do this. They just had the good fortune to be brought up by reasonably financially literate parents.

    I took out loans for lots of reasons, some of them were really dumb -- especially when I look back through the lens of frugality I have now.

    But I try to make the best of it by being on the PSLF program, working for the gubmint, and spreading the word to others: "Avoid loans!" or "Get on the PSLF program!" or "Get on income-based repayment."

    I also try to explain all the little loopholes and pitfalls to others too, so maybe they can either avoid getting this monkey on their back or get the monkey off their back sometime soon-ish.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  2. #12
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    Why did I take out the loans? Well I had a month to either have a decent paying full time job or be enrolled in school based on what the lawyers and ex said. So I knew I could teach, I was good at things like that, I talked to teacher friends and they said there was no way to get a teaching job without having a masters degree. So i took a para job at a school and signed up for a reasonably expensive on-line masters program. I was able to do all my observations and field work while I was already working. I didn't go to classes because my kids were younger and needed me more at home than working and going to school both full time. It went really well, I did great. Then I graduated and looked for a job about the time there was a recession. I would have my student loans paid off if I got a decent job soon after graduation, that was 10 years ago, and I am just getting into paying again. So I had a good plan,

    I would actually love to get a PhD, I love being in school, but there is really no way. I will be happy to not retire with loans.

  3. #13
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    Quote Originally Posted by Ultralight View Post
    I took out loans for lots of reasons, some of them were really dumb
    But I try to make the best of it by being on the PSLF program, working for the gubmint, and spreading the word to others: "Avoid loans!" or "Get on the PSLF program!" or "Get on income-based repayment."

    I also try to explain all the little loopholes and pitfalls to others too, so maybe they can either avoid getting this monkey on their back or get the monkey off their back sometime soon-ish.
    And put the monkey on some other taxpayer's back.

  4. #14
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Yppej View Post
    And put the monkey on some other taxpayer's back.
    That ax you're grinding sure is sharp now.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  5. #15
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Ultralight View Post
    That ax you're grinding sure is sharp now.
    Ok, but how far into this ten year Contract with America are you now? Seems like you must be half way there.

    To you younguns, ten years is a loooooooong time. But sweetheart, you are now at the age where time starts to go really fast. Trust me, after age 35, time moves at a different speed.

  6. #16
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    Is it really called Contract With America? Jeesh.

  7. #17
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Tybee View Post
    Is it really called Contract With America? Jeesh.
    No,
    I just made that up.

  8. #18
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    Ok, but how far into this ten year Contract with America are you now? Seems like you must be half way there.

    To you younguns, ten years is a loooooooong time. But sweetheart, you are now at the age where time starts to go really fast. Trust me, after age 35, time moves at a different speed.
    yea it doesn't seem a bad deal at all of course, seems a REALLY good one actually. Nor does taking out the loans even seem like a bad decision with such a repayment program. But the job stayed at for 10 years is less than ideal, well unless one actually had such a much better job they had to turn down, they almost all are, it isn't better out there for the most part in the private sector or anything.
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  9. #19
    Senior Member catherine's Avatar
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    Don't they incentivize people to take certain low-paying positions with this repayment program? My DS is also eligible. He got his master's degree and he works at a state community college. He loves the job, but he has no incentive to pay back the student loans early because of their repayment program if he works there 10 years. But, in return, he earns a ridiculously low wage for what he does. He's one of those who could probably make a lot more in the private sector. My other son, the musician-waiter, makes more money serving tables part time.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  10. #20
    Senior Member Ultralight's Avatar
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    I have about 7 years to go on my Contract with Alan.

    In order to be in the PSLF program you must work for the government at any level or for a 501c3 non-profit.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

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